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Bulgarian Insurer Euroins Pares 9-mo Net Loss by 77% - Table

Nov 2, 2009, 5:56:35 PMArticle by Iva Doneva
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November 2 (SeeNews) - Bulgarian insurer Euroins has pared its net loss by 77% to 523,000 levs ($395,000/267,000 euro) through September as its net revenue rose 6.4% to 57.3 million levs, the company said.

Bulgarian Insurer Euroins Pares 9-mo Net Loss by 77% - Table

Following are details from the company's nine-month financial report (in million of levs):

Jan-Sept'09 Jan-Sept'08
NET LOSS 0.523 2.255
OPERATING LOSS 0.339 2.252
GROSS WRITTEN PREMIUMS 52.971 57.507
NET PREMIUMS 50.091 52.259
NET REVENUE 57.301 53.834

Last year, Euroins turned to a net loss of 13.4 million levs from a net profit of 5.4 million levs in 2007 due to a considerable rise in reserves set aside to meet payments on third-party motor insurance policies.

In April, the company said it expected a 6.9% rise in premium income to 88 million levs this year.

(1 euro = 1.95583 Bulgarian levs)

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